FIN 48 Deferred

FASB officially deferred the effective date for FIN 48, Accounting for Income Taxes, in the recently issued FASB staff position FIN 48-2, Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises. FIN 48-2 incorporates changes made to the original exposure draft and defers the effective date for certain nonpublic enterprises—including nonpublic not-for-profit organizations—to the annual financial statements for fiscal years beginning after Dec. 15, 2007. This deferral does not apply to nonpublic consolidated entities of public enterprises that apply U.S. GAAP.

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